Presentation

Golden Ocean is a Bermuda-based dry bulk shipping company founded in 1996. It mainly operates in the capesize, panamax and supramax segments, and is listed both on Nasdaq and on the Oslo Stock Exchange. Hemen Holding, controlled by Mr. John Fredriksen, is the largest shareholder.

The company’s owned fleet consists of 83 vessels with an aggregate capacity of 11.8 million dwt. In addition, Golden Ocean has eleven vessels chartered in. In early 2021, the company entered into an agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total of USD 752m from Hemen. The acquisition was 45% financed with newly issued equity capital. The company has historically had a heavy spot-exposure but used the strong market conditions during H1’21 to enter more fixed-rate contracts, while still maintaining significant spot market exposure.

The company has so far paid out USD 0.8/share this year, but given the stronger market we have seen so far during the second half, we would expect another marked uptick in dividends from Q3.